Post Jobs

Private Client Banker Job Description

Share this

The Private Client Banker Job Description is what we are going to be looking at in this article. Of course, we are aware that the banking industry caters to a wide range of individual and business clients.


Credit unions and banks all have a number of different personnel to provide service for the needs of their clients. These personnel include workers in various sectors of the industry, ranging from a customer service representative, to a financial advisor, to a private client banker.

Private Client Banker Job Description

Based on job description, an additional level of service is being provided for high and ultra-high net-worth (UHNW) clients through the activities of a private client banker.

A private client banker is expected to offer an in-depth study of the financial situation of a client (whether an individual or an organization), and also offer recommendations based on estate planning, charitable objectives, and specific investments.

Financial advisers or wealth managers work outside of the banking industry, while private client bankers typically work for a large financial institution. But what requirements are needed to work in private banking? And what are their earnings?

See Also >>> Merit America Entry Level Remote Jobs

This article presents private client banker job description, the training and qualifications required to become one, and the typical income for this job position.

What are the Duties of a Private Client Banker?

Private client bankers are employed in various positions within the financial services sector, as was already indicated. These financial services sector comprises of wealth management companies, investment banks, banks, and credit unions. Some of the major duties of Private client bankers in the financial sector include:

  • For very wealthy clients, a private client banker offers banking, advising, and investing services.
  • Clients of a particular bank branch are often allocated to private client bankers.
  • In contrast to financial counsellors, they are not tasked with ongoing prospecting.
  • A private client banker may call or approach well-known people or companies on behalf of smaller banks or credit unions in an effort to draw in more high-net-worth clients.
  • To guarantee a high level of customer retention for the bank, private client bankers may also be in charge of organizing client appreciation events in collaboration with and with help from the bank.

Client Circumstances Evaluation

The major responsibility of a private banker is to handle the financial situations of their clients, while putting a heavy emphasis on preserving the client-bank connection. Private bankers assess the present financial situation of their client, before addressing their intricate financial issues.

For this examination, data on the entire assets of the client in question, including real estate and company holdings, bank account balances, and the value of all investment portfolios, are collected. Private bankers take into account the financial objectives and debt responsibilities of their clients.

Making Recommendations

A private banker gives suggestions on how to arrange assets and savings to meet the goals of a client, after acquiring and assessing information about the financial state of the client. These suggestions frequently involve specific portfolio positions for the investment accounts of a client, as well as the distribution of assets among certificates of deposit (CDs), traditional savings accounts, and other unconventional capital preservation strategies.

The job description of a private client banker may also cause the private banker to focus the made recommendations on the need for estate planning, such as establishing a trust for a spouse or heirs or buying enough life insurance to shield heirs from having to pay a disproportionate amount of inheritance taxes.

See Also >>> Best Paying Jobs in Capital Goods Industry

HNWIs frequently have to lower their tax obligations. Private client bankers therefore offer advice on how to make assets, both short-term and long-term, and generated income, all tax-efficient.

Private bankers frequently advise clients to think about the financial advantages of philanthropy, to assist in the offset of their tax liabilities. In order to verify that a contribution will qualify for a tax benefit, some private bankers additionally vet the charity.


Training and Education

Private bankers are often required by financial organizations to have at least a bachelor’s degree. For a career in private banking, undergraduate coursework should concentrate on accounting, finance, or business.

Although it is not required, having a degree in Marketing may also be beneficial to a private client banker. A Master’s degree in finance, accounting, or business may be necessary for positions in financial institutions with a high percentage of UHNWI clients.

On-the-job training is offered continuously, and is often represented by working with a seasoned wealth manager or a private banker within the financial institution.

Private banking roles may need certain Financial Industry Regulatory Authority (FINRA) or North American Securities Administrators Association (NASAA) licenses, since private bankers frequently offer thorough advise about the investment portfolio of a client.

The Series 6 and Series 7 FINRA licenses are often needed to provide investment advice and implement investment plans, whereas NASAA licensing requirements may call for a Series 63 or Series 65 license.

There are proctored exams and continuous continuing education requirements for each FINRA and NASAA license. Credibility-building measures include these and other professional certifications and industry distinctions for HNWI clients.

Skills – Private Client Banker Job Description

To formulate and implement recommendations, private bankers also need to be able to analyse financial information. They should thus be well knowledgeable in credit and lending procedures, as well as the banking and financial systems.

The job description of a private client banker also requires that they should keep up with current affairs, such as business and financial news. Private bankers should be capable of working with all kinds of clients, even though they typically deal with high net worth individuals.

Note: For the purpose of developing and implementing suggestions, private bankers must be able to analyse financial information.

Maintaining ties with HNWIs to make sure their assets stay with the financial institution is one of the top priorities in the job description of a private client banker. A private banker needs to swiftly form relationships with people and gain the trust of new or existing customers. Excellent interpersonal and communication skills are necessary in order to accomplish this task.

Salary Earnings – Private Client Banker Job Description

The conventional remuneration package for a private banker includes a basic salary as well as commissions based on an asset under management (AUM) fee. The most recent data on Pay scale indicates that entry-level private bankers may make up to $49,132 per year, with commissions and incentives included.

Studies have shown that the range of the total yearly income earnings of private client bankers in the industry is from $46,000 to $126,000. According to research, in addition to bonuses and commissions, a private banker makes an average basic salary of $68,553 per year.

Private bankers with a limited customer base often make less money than those with a sizable, and well-established client base. Similar to this, private bankers who work for smaller local financial institutions like credit unions or regional banks are less likely to earn greater salaries than those who work for bigger national financial organizations.


The major responsibility of a private client banker based on job description is to handle the financial situations of clients, while putting a heavy emphasis on preserving the client-bank connection. Private bankers and personal financial counsellors are both included in the Bureau of Labor Statistics (BLS). Between 2019 and 2029, the industry is predicted to rise by 4%. This increase is anticipated to occur about as quickly as that of other professions.

Share this


Leave a Reply

Your email address will not be published. Required fields are marked *